Citibank establishes sponsored ADR program for Jinhui Shipping and Transportation Limited.NEW YORK--(BUSINESS WIRE)--March 1, 1996--Citibank is pleased to announce that it has established a Sponsored American Depositary Receipt sponsored American Depositary Receipt An American Depositary Receipt in which the company whose shares are held in custody has direct involvement in issuance of the ADRs. (ADR ADR - Astra Digital Radio ) program for Jinhui Shipping and Transportation Limited, a shipping company headquartered in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and listed on the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. . The ADR shares for the program, for which Citibank acts as depositary, will trade over-the-counter. Each depositary share issued under the program represents twenty Ordinary Shares of Jinhui Shipping and Transportation Limited and will trade under the symbol JNSTY (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. No. 47759A 10 1). According to the company, the group's core business is ship chartering. The group's shipping activities began in the mid 1980's in the PRC and South East Asia, principally in the form of chartering dry-bulk carriers worldwide and short term cargo transport within the Pearl River Delta The Pearl River Delta Region (PRD) in China occupies the low-lying areas alongside the Pearl River estuary where the Pearl river flows into the South China Sea. Since the "Open Door Policy" was adopted by the Communist Party of China in the late 1970s, the portion of the delta in area of the PRC. The group now owns 5 vessels and operates on average at any time a fleet of approximately 50 handysize and panamax ships. By way of its extensive shipping experience and good working relationship with certain PRC organizations, the group has been able to establish an efficient fleet operation. More recently, the group has also developed its trading business to fully utilize its experience in the shipping industry and knowledge in the commodities market, as well as participated in transportation-related investment projects in PRC to compliment its shipping business. Stephen Long, Citibank's country corporate officer for Hong Kong said, "We are very pleased to be selected by Jinhui Shipping and Transportation Limited as their sponsored depositary bank. The appointment highlights the strong relationship we have with Jinhui Shipping and Transportation Limited and also the success which Citibank has had in this product over the past few years, not just in Hong Kong and Asia, but all over the world." Thomas Ng, managing director of Jinhui Shipping, said, "The new, sponsored program, reflecting Jinhui Shipping and Transportation Limited's strong commitment to the investment community, will help improve shareholder relations and the company's corporate image in the U.S. We chose Citibank to sponsor our program in view of Citibank's commitment to both product expertise and to its relationship with our Group." Citibank is a leading depositary servicing over 500 issuers worldwide. With a local presence in more than 95 countries, experience in depositary receipt depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue product innovations, and proprietary on-line systems, Citibank is uniquely positioned to support the funding needs of major issuers around the world. CONTACT: Citbank, N.A., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Jarvis Cromwell, 212/657-0195 or Jinhui Shipping and Transportation Limited, Hong Kong Corporate Communications Benjamin Ng, 852/2545-0951 |
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